Approval of the plan late last week by U.S. Bankruptcy Court for the Southern District of New York opens the door to the aircraft manufacturer emerging from bankruptcy this month, the company said.

"Today's ruling marks the final significant step in the restructuring process," said Robert S. Miller, chief executive officer of Hawker Beechcraft Inc. "Throughout this process, we have been guided by the goal of emerging in a strong operational and financial position, with an enhanced ability to compete well into the future.

"Our recapitalization and dramatically reduced debt load will allow us to do exactly that."

Hawker Beechcraft said it is changing the company's name to Beechcraft Corp. as part of its reorganization plan and will focus its business on its turboprop, piston and special mission and trainer/attack aircraft.

"Thanks to the hard work of our employees and the strong support we have received from our key creditors, union partners, elected officials, suppliers and customers, Beechcraft Corp. will emerge from this process as the world's leading designer and manufacturer of turboprop, piston and trainer/attack aircraft with the largest global customer support network in the industry," said Bill Boisture, chairman of Hawker Beechcraft Corp.

United Press International is a leading provider of news, photos and information to millions of readers around the globe via UPI.com and its licensing services.

With a history of reliable reporting dating back to 1907, today's UPI is a credible source for the most important stories of the day, continually updated - a one-stop site for U.S. and world news, as well as entertainment, trends, science, health and stunning photography. UPI also provides insightful reports on key topics of geopolitical importance, including energy and security.

A Spanish version of the site reaches millions of readers in Latin America and beyond.

UPI was founded in 1907 by E.W. Scripps as the United Press (UP). It became known as UPI after a merger with the International News Service in 1958, which was founded in 1909 by William Randolph Hearst. Today, UPI is owned by News World Communications.